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Shunning actual journalism, Bloomberg's Authers misleads his readers again
9:05p ET Tuesday, January 7, 2020
Dear Friend of GATA and Gold:
In September 2018 Financial Times columnist John Authers admitted that he had withheld important information from his newspaper's readers so he could exploit it financially for himself:
http://www.gata.org/node/18478
Now writing for Bloomberg News, Authers today sneers at what he calls "various conspiracy theories" that emerged to explain the smash in the gold price over a weekend in April 2013. See the appended excerpt from his commentary headlined "Gold's Next Big Bull Market May Be Upon Us."
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Of course honest journalists need no "conspiracy theories" to put critical questions to the authorities. But "conspiracy theories" can prompt honest journalists to pose such questions.
So when in April 2013 some close observers of the gold market could find no explanation for the gold market smash more plausible than surreptitious government intervention, did Authers, for example, ask the Bank for International Settlements to explain the parties and objectives behind its surreptitious gold trading?
Did he press the U.S. Commodity Futures Trading Commission to explain whether its jurisdiction extends to manipulative trading conducted by the U.S. government or its brokers?
Did he ask the Federal Reserve Board of Governors why it refused to disclose so many gold-related documents to GATA upon the organization's request under the U.S. Freedom of Information Act?
Did he ask the Fed to explain the purposes and extent of the secret gold swap arrangements with foreign banks that had been admitted by a Fed governor in the course of GATA's litigation?
Of course not, for asking such questions would have been to commit actual journalism rather than mere pontification.
Those questions remain available to Authers any time he wants to do more than mislead his readers.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Gold's Next Big Bull Market May Be Upon Us
John Authers
Bloomberg News
Tuesday, January 7, 2020
We have climbed back to the top of the golden cliff. Now what happens next?
Two related landmarks were easy to miss amid Monday's continuing excitement about the tension between Iran and the United States, but they matter. The first was a comeback: In April 2013, gold staged a sudden and dramatic crash, dropping 13.5% in two trading days. That confirmed a bear market from which the precious metal has only just, it appears, emerged. On Monday gold's spot price in dollars at last exceeded its price from April 11, 2013.
Before its sharp decline, gold had rallied on the belief that the low interest rates put in place to combat the financial crisis would usher in inflation. And so when it slumped in 2013, various conspiracy theories moved through the ether to try to account for its worst collapse in three decades. Within a month, though, the drop was beginning to look prophetic. Soon after, then-Federal Reserve Chairman Ben Bernanke ushered in what came to be known as the "Taper Tantrum" by suggesting that he was ready to start removing support for the bond market -- which also began to acknowledge that the crisis had squeezed risks of inflation out of the economy. By that autumn -- almost five years after the crisis -- there was a growing recognition that inflation wasn't going to arrive. ...
... For the remainder of the commentary:
https://www.bloomberg.com/opinion/articles/2020-01-07/gold-s-next-big-bu...
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